The founder of mortgage assessment fintech Tic:Toc, Anthony Baum, said the gradual loosening of lending rules over many years has allowed household indebtedness to build up.
Adelaide bank, insurer IAG and mortgage insurer Genworth as key shareholders alongside Baum’s family as the largest shareholder, rents its technology for digitally assessing and processing home loans to banks and other financial institutions. It also sells mortgages under its own Tic:Toc brand, using Bendigo’s balance sheet.
“We should have been more responsible five years ago. Because guess what? We would have had a 10 per cent increase, not a 25 per cent increase in house prices. And the downside we are now navigating would be way more manageable.” “I think good business models in a year’s time will start getting access to capital again, once everyone sees how the landscape washes out. And then there’ll be a bunch of the 570 fintechs in Australia that were here at the start of all this that won’t be.”But he’s confident Tic:Toc won’t be among the casualties. Baum’s experience in banking led him to the conclusion that the banking sector would be increasingly broken into three chunks: balance sheet, brand and technology.
The firm’s funding position is buttressed by solid revenue growth; revenue was $25 million in the 2022 financial year, and Baum says it is on track to hit $40 million in 2023.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COVID fallout to fuel class actions boomFintech and cryptocurrency are likely class action contenders after the latest economic turmoil.
Read more »
MoneyMe shares surge as personal loans grow while credit losses fallThe non-bank lender says it’s shares have suffered from a ‘fintech drag’ but its fundamentals point to sustainable profits.
Read more »
A farewell to Shiraz and Wagyu: 155,000 borrowers to feel intense painOpinion: A farewell to Shiraz and Wagyu: 155,000 borrowers to feel intense pain | Jessica Irvine
Read more »
Parents warned about the dangers of using weighted blankets and sleep sacksParents are being warned about the dangers of using weighted blankets and sleep sacks for babies and young children this winter. 9News
Read more »
Parents warned about the dangers of using weighted blankets and sleep sacksParents are being warned about the dangers of using weighted blankets and sleep sacks for babies and young children this winter. 9News
Read more »
Farewell to shiraz and wagyu: 155,000 borrowers to feel intense painFirst home owners who bought at low interest rates will soon learn the meaning of “frugal”.
Read more »